The full workings for the house purchase you made on a mortgage are as follows:
1. Price of House = $499,000 (given)
2. Down Payment = $99,800 ($499,000 x 20%)
3. Amount Financed (Mortgage principal) = $399,200 ($499,000 - $99,800).
4. Monthly Payment = $2,522.94 (given)
5. Number of monthly payments = 360 months (30 x 12)
6. Total Payback = $908,258.40 ($2,522.94 x 360)
7. Total Interest = $509,058.40 ($908,258.40 - $399,200)
8. Assessed Valuation = $199,600 ($499,000 x 40%)
9. Real Estate Taxes (annual) = $6,047.88 ($199,600 x $3.03/$100)
10. Escrow Payment Per month (taxes & insurance) = $628.99 ($6,047.88 + $1,500)/12
11. Monthly Payment to lender (escrow + mortgage) = $3,151.93 ($628.99 + $2,522.94)
<h3>What is a mortgage?</h3>
A mortgage is a loan arrangement that allows a borrower to buy some property, usually a house, without paying for the full cost immediately.
The borrower then makes a monthly payment, which includes the principal and its interest.
Learn more about mortgage payments at brainly.com/question/22846480
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